The government on Tuesday appointed Life Insurance Corporation's (LIC) senior-most Managing Director Hemant Bhargava as the insurer's interim chairman, in place of V K Sharma who retired on Monday.
Meanwhile, the government has already initiated a process to select the regular chairman and managing director of LIC.
Bhargava was appointed as the managing director (MD) of LIC in February 2017, the insurer said in a statement. Apart from Bhargava, there are two more MDs of LIC currently.
He was instrumental in completing the design and setting up a separate microinsurance vertical which was LIC's first comprehensive enterprise-wide initiative in financial inclusion space.
He also set up a new joint venture in collaboration with the banking industry and founded LIC Cards Services Ltd.